TORONTO, ON / ACCESSWIRE / March 9, 2020 / CanaFarma Hemp Products Corp. (formerly KYC Technology Inc.) (the "Corporation" or "CanaFarma Hemp") is pleased to announce that it has completed the previously announced merger of CanaFarma Corp. ("CanaFarma") and a wholly-owned subsidiary of the Corporation ("Subco") whereby the Corporation acquired all of the outstanding securities of CanaFarma pursuant to a merger completed under the laws of the State of Delaware (the "Transaction"). Pursuant to the Transaction, Subco merged with and into CanaFarma, and CanaFarma became a wholly-owned subsidiary of the Corporation, as described in the non-offering prospectus of the Corporation dated February 27, 2020, which also provides a description of CanaFarma (to be found under the Corporation's profile at www.sedar.com).
In connection with the Transaction, the Corporation (whose previous name was KYC Technology Inc.) changed its name to CanaFarma Hemp Products Corp., completed a share split on the basis of 17.7574 new common shares (each, a "Common Share") for each one (1) previously held share of KYC (resulting in former KYC holders now holding an aggregate of 44,393,518 Common Shares) and amended its share capital to create a class of proportionate voting shares (the "Proportionate Voting Shares"). Concurrently, the Corporation issued an aggregate of 142,922,000 Common Shares and 57,000 Proportionate Voting Shares as consideration to the former holders of common shares in the capital of CanaFarma. As a result, there are now a total of 187,315, 518 Common Shares and 57,000 Proportionate Voting Shares issued and outstanding.
In addition, effective at the open of market on Tuesday, March 17th, 2020, the Common Shares of the Corporation will commence trading on the Canadian Securities Exchange (CSE) under the symbol "CNFA".
David Lonsdale, CEO of CanaFarma commented: "We are thrilled to commence our listing on the CSE, the world's preeminent public exchange for innovative CBD and hemp-based product companies. CanaFarma has demonstrated positive early success in its product sales and we look forward to further expanding and pursuing our various growth opportunities, which this Transaction and CSE share listing will help to facilitate."
About CanaFarma Hemp Products Corp.
CanaFarma Hemp is a full-service company operating in the hemp industry offering a full range of hemp-related products and services. These products and services include growing top-quality hemp, providing
hemp-processing services, and offering hemp-based products to consumers utilizing a direct-to-consumer marketing approach.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to future developments and the business and operations of the Corporation after the CSE listing. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties; and delay or failure to receive board, shareholder or regulatory approvals. Readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Chief Executive Officer,
Phone: (214) 704-7942
Email: [email protected]
SOURCE: Canafarma Hemp Products Corp.